Ugh. After this many years Delboy, do you not understand that...

Ugh. After this many years Delboy, do you not understand that for cash flow we do not get 40% (not 39%, that is our current ownership in the Kimberlite JV, not SML. Our % of SML will not change with the new MIC) of REVENUE. We do not even get 40% of PROFIT. We get 40% of the DIVIDEND. Just the same as it would be if you owned 40% of an ASX listed company. Typically part of profit is invested back in to the business, in the hopes of increasing the ability to generate profit.

That's all before the dreaded T word - Tax. I do not pretend to understand how that works for a company.

SML typically declare a dividend around Christmas, apparently they declared one in July (US$10M, $4M to LOM, which we only found out about in September).

LOM have not declared a dividend since I have held (perhaps ever), partly because they are yet to make sustainable profit as a consolidated entity, and partly because the few reports that did say profit are really paper profits only, and partly we have made a sustained effort to reduce debt.

I hold because I see that now we are debt free; that SML is extremely profitable, and there is blue sky potential in the great Kimbo hunt, and Merlin also looks solid.